The business press has been filled with examples of supply chain breakdowns, from lead-painted toys and contaminated pet food to toxic cough syrup and defective tires.
Supply chain breakdowns that impact corporate earnings and brand are not restricted to developing nations. As a result, companies need to do a better job assessing potential supplier risks.
The rapid and global expansion of supply chain and outsource partners has created extraordinary benefits for many companies, from decreasing costs and improving profit margins to boosting quality and efficiency so companies focus on their core business objectives. But that expanded global footprint creates an increased risk of non-compliance, and impediments to corporate performance.
Companies need to take those relationships into account when assessing control systems, and must ask the right questions regarding how far those controls should reach to the extended enterprise.
Some of those questions to be discussed during this webinar include:
(1) What are the key relationships that contribute to enterprise value?
(2) What types of reports, disclosures, and certifications should be used to ensure that these structures are in place?
(3) How much information is needed?
(4) Can controls be embedded in shared systems to reduce the cost of preparing reports and disclosures and to reduce the lag time of being notified?
"Approva is the leading provider of enterprise controls management software. We enable business, finance, IT and audit to automate the on-demand testing, closed-loop remediation and continuous, exception-based monitoring of controls within and across their business systems."